TAMPA, FLA. — Independence Realty Trust Inc. has purchased an undisclosed 216-unit apartment community in Tampa’s Northdale neighborhood for $29.8 million. The REIT purchased the asset using available cash and its line of credit. Built in 1985 and renovated in 2016, the property features one- and two-bedroom units averaging 925 square feet. The asset was 93 percent occupied at the time of sale and averaged $1,192 per month in rent for the three months ending Jan. 31. The seller was undisclosed.
MELBOURNE, FLA. — Franklin Street has brokered the $8 million sale of Bridgewater Pointe Apartments, a 100-unit multifamily community located at 151 Eber Road in Melbourne. Robert Goldfinger and Matthew Kesterson of Franklin Street represented the buyer and the seller, both private investors, in the transaction. Built in 1987, the two-story apartment community features a swimming pool, clubhouse, fitness center and a business center. The property was 96 percent occupied at the time of sale. Lonnie Kitchen of Franklin Street provided insurance services for the buyer, which selected Franklin Street Management to manage the asset. Franklin Street represented the same buyer last year in its $9.9 million acquisition of Seastone Luxury Apartments in Tampa.
NORTHBROOK, ILL. — McShane Construction Co. has been selected to construct the final phase of The Lodge of Northbrook, a senior living community in Northbrook, about 25 miles northwest of Chicago. Essex Communities is the developer of the property, located at 2244 Founders Drive. The final phase of construction will include 60 independent living apartments and eight assisted living units. A total of 96 units were constructed in the first three phases. The new addition will be constructed on the north end of the property and will complement the existing building utilizing the same masonry. The 150,000-square-foot Phase IV will incorporate amenities such as an expanded fitness center and new dining room, commercial kitchen and salon. Omaha-based Avant Architects is providing the architectural services for this phase, which is scheduled for completion at the end of May 2018.
CINCINNATI — NorthMarq Capital has arranged $24.6 million in acquisition financing for a 250-unit apartment property in Cincinnati. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.
PHILADELPHIA — National Real Estate Development has secured a $57 million loan to finance the construction of a second residential tower within the East Market project in Philadelphia’s Center City. Wells Fargo & Co. provided the loan. Located at 1199 Ludlow St., the 20-story, 240-unit tower will be built above a two-story retail base. The 233,000-square-foot tower will feature one- and two-bedroom apartments, a lap pool, gym and on-demand fitness studio, an indoor playroom and outdoor play area for children, a dog run, library, conference center, lounge, screening room, billiards room, indoor/outdoor climate-controlled loggia, demo kitchen, community vegetable gardens, grilling stations and fire pits. Morris Adjmi Architects and Bower Lewis Thrower Architects are designing the tower, and Clemens Construction is serving as general contractor. National Real Estate Advisors, Joss Realty Partners, Young Capital and SSH Real Estate own the East Market project, which includes the 322-unit The Ludlow and 175,000 square feet of modern warehouse office space as well as 130,000 square feet of retail and restaurant space.
SANDY, UTAH — An out-of-state-investment group has acquired the 192-unit Coppergate Apartments in Sandy for $22.5 million. The community is located at 8870 S. State St., approximately 14 miles south of Salt Lake City. The Section 42 Low Income Housing Tax Credit apartment community is composed of seven three-story buildings on almost nine acres. The two- and three-bedroom units range from 866 square feet to 1,068 square feet. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller, a local developer, in this transaction.
DALLAS — Henry S. Miller Brokerage has arranged the sale of Villa Del Sol Apartments, a 255-unit multifamily property located at 7651 C.F. Hawn Freeway in southeast Dallas. Community amenities include a business center, playground, basketball court and laundry services. Villa Del Sol was roughly 97 percent occupied at the time of sale. Lane Kommer and Mark Porterfield of Henry S. Miller represented the seller, 511 Oakgrove LLC. Independent investor Brad Sumrok represented the buyer, Staples Multi Family.
AUBURN, ALA. — EdR has acquired 319 Bragg, a 305-bed student housing community located within walking distance of the Auburn University campus in Auburn. Built in 2014, the property offers two-, three-, four- and five-bedroom units. Community amenities include a study lounge with individual study rooms, 24-hour fitness center, resort-style pool with cabanas, dog park and access gates. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller, Barrett Development Group, in the transaction. The sales price was undisclosed.
NEW YORK CITY — Eastern Consolidated has arranged the sale of two contiguous, six-story multifamily buildings, located at 556-568 Lefferts Ave. and 570-582 Lefferts Ave. in the Crown Heights and Prospect Lefferts Gardens section of Brooklyn. Treetop Development acquired the two-building package, totaling 105,000 square feet, from F&I Realty Corp. for $25 million. The properties offer a total of 105 apartment units. Matt Spark and Matthew Leist of Eastern Consolidated represented the seller, while Sparks also procured the buyer in the deal.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-building multifamily portfolio located in the South Bronx. Gary Kassirer of Emerald Equity Group acquired the portfolio for $10 million, or $150 per square foot. Located on the south side of Crotona Park and Alexander Avenue in Mott Haven, the 28,865-square-foot portfolio features 68 residential and three commercial units. Robert Shapiro and David Simone of Cushman & Wakefield represented the undisclosed seller in the deal.